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Brits reveal fears about long retirement

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11/06/2008

Consumers have revealed worries about funding their retirement years in a recent survey carried out by Life Trust Insurance.

The financial services provider found 54% of Britons would be worried about their ability to finance their retirement if they were to live for 10 years longer than today’s average life span of 82 years old.

Life Trust has warned that increased longevity could see many people having to rethink their finances in later life as they underestimate their life expectancy. Someone aged 50 years old today has a one-in-two chance of reaching 90 years old and a one-in-10 chance of reaching 100.

According to Life Trust, many people are not considering the implications of living to advanced ages as they organise their finances, which could lead to them having to change their plans once they reach retirement age to provide additional income for their later years.

However, 22% would take advantage of a longer life to keep working because they enjoy it, but a further 28% claimed they would need to keep working simply to ensure they had financial stability.

Alternatively, 36% are looking forward to these additional years to spend time seeing great grand children growing up, and potentially travelling the world (24%).

Andy Briscoe, chief executive officer of Life Trust, said: “We’re all living longer than ever before, which should be seen as an opportunity not a burden. But we continue to see a real disconnect between people’s perception of retirement, in terms of length and aspirations, and the money they have set aside to pay for it. People need to really consider what they want to achieve in these years and put plans in place to ensure that they can afford it.”

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